Common use of Surety Bond Clause in Contracts

Surety Bond. If the Administrator determines on any Distribution Date that the sum of the amounts available from the Series 2003-5 Accrued Interest Account plus the amount, if any, to be drawn under the Series 2003-5 Letters of Credit and/or to be withdrawn from the Series 2003-5 Cash Collateral Account pursuant to Section 2.3(c) above plus the amount, if any, to be withdrawn from the Series 2003-5 Reserve Account pursuant to Section 2.3(d) above is insufficient to pay the Series 2003-5 Adjusted Monthly Interest for such Distribution Date, the Administrator shall instruct the Trustee in writing to make a demand on the Surety Bond and, upon receipt of such notice by the Trustee on or prior to 11:00 a.m. (New York City time) on such Distribution Date, the Trustee shall, by 12:00 noon (New York City time) on such Distribution Date, make a demand on the Surety Bond in an amount equal to such insufficiency in accordance with the terms thereof and shall cause the proceeds thereof to be deposited in the Series 2003-5 Distribution Account.

Surety Bond. If the Administrator determines on any Distribution Date that the sum of the amounts available from the Series 20032005-5 2 Accrued Interest Account plus the amount, if any, to be drawn under the Series 20032005-5 2 Letters of Credit and/or to be withdrawn from the Series 20032005-5 2 Cash Collateral Account pursuant to Section 2.3(c) above plus the amount, if any, to be withdrawn from the Series 20032005-5 2 Reserve Account pursuant to Section 2.3(d) above is insufficient to pay the Series 20032005-5 2 Adjusted Monthly Interest for such Distribution Date, the Administrator shall instruct the Trustee in writing to make a demand on the Surety Bond and, upon receipt of such notice by the Trustee on or prior to 11:00 a.m. (New York City time) on such Distribution Date, the Trustee shall, by 12:00 noon (New York City time) on such Distribution Date, make a demand on the Surety Bond in an amount equal to such insufficiency in accordance with the terms thereof and shall cause the proceeds thereof to be deposited in the Series 20032005-5 Distribution Account.2

Surety Bond. If the Administrator determines on any Distribution Date that the sum of the amounts available from the Series 2003-5 2 Accrued Interest Account plus PLUS the amount, if any, to be drawn under the Series 2003-5 2 Letters of Credit and/or to be withdrawn from the Series 2003-5 2 Cash Collateral Account pursuant to Section 2.3(c) above plus PLUS the amount, if any, to be withdrawn from the Series 2003-5 2 Reserve Account pursuant to Section 2.3(d) above is insufficient to pay the Series 2003-5 2 Adjusted Monthly Interest for such Distribution Date, the Administrator shall instruct the Trustee in writing to make a demand on the Surety Bond and, upon receipt of such notice by the Trustee on or prior to 11:00 a.m. (New York City time) on such Distribution Date, the Trustee shall, by 12:00 noon (New York City time) on such Distribution Date, make a demand on the Surety Bond in an amount equal to such insufficiency in accordance with the terms thereof and shall cause the proceeds thereof to be deposited in the Series 2003-5 2 Distribution Account.

Surety Bond. If the Administrator determines on any Distribution Date that the sum of the amounts available from the Series 20032004-5 2 Accrued Interest Account plus the amount, if any, to be drawn under the Series 20032004-5 2 Letters of Credit and/or to be withdrawn from the Series 20032004-5 2 Cash Collateral Account pursuant to Section 2.3(c) above plus the amount, if any, to be withdrawn from the Series 20032004-5 2 Reserve Account pursuant to Section 2.3(d) above is insufficient to pay the Series 20032004-5 2 Adjusted Monthly Interest for such Distribution Date, the Administrator shall instruct the Trustee in writing to make a demand on the Surety Bond and, upon receipt of such notice by the Trustee on or prior to 11:00 a.m. (New York City time) on such Distribution Date, the Trustee shall, by 12:00 noon (New York City time) on such Distribution Date, make a demand on the Surety Bond in an amount equal to such insufficiency in accordance with the terms thereof and shall cause the proceeds thereof to be deposited in the Series 20032004-5 2 Distribution Account.

Surety Bond. If the Administrator determines on any Distribution Date that the sum of the amounts available from the Series 2003-5 4 Accrued Interest Account plus the amount, if any, to be drawn under the Series 2003-5 4 Letters of Credit and/or to be withdrawn from the Series 2003-5 4 Cash Collateral Account pursuant to Section 2.3(c) above plus the amount, if any, to be withdrawn from the Series 2003-5 4 Reserve Account pursuant to Section 2.3(d) above is insufficient to pay the Series 2003-5 4 Adjusted Monthly Interest for such Distribution Date, the Administrator shall instruct the Trustee in writing to make a demand on the Surety Bond and, upon receipt of such notice by the Trustee on or prior to 11:00 a.m. (New York City time) on such Distribution Date, the Trustee shall, by 12:00 noon (New York City time) on such Distribution Date, make a demand on the Surety Bond in an amount equal to such insufficiency in accordance with the terms thereof and shall cause the proceeds thereof to be deposited in the Series 2003-5 4 Distribution Account.

Surety Bond. If the Administrator determines on any Distribution Date that the sum of the amounts available from the Series 2003-5 3 Accrued Interest Account plus PLUS the amount, if any, to be drawn under the Series 2003-5 3 Letters of Credit and/or to be withdrawn from the Series 2003-5 3 Cash Collateral Account pursuant to Section 2.3(c) above plus PLUS the amount, if any, to be withdrawn from the Series 2003-5 3 Reserve Account pursuant to Section 2.3(d) above is insufficient to pay the Series 2003-5 3 Adjusted Monthly Interest for such Distribution Date, the Administrator shall instruct the Trustee in writing to make a demand on the Surety Bond and, upon receipt of such notice by the Trustee on or prior to 11:00 a.m. (New York City time) on such Distribution Date, the Trustee shall, by 12:00 noon (New York City time) on such Distribution Date, make a demand on the Surety Bond in an amount equal to such insufficiency in accordance with the terms thereof and shall cause the proceeds thereof to be deposited in the Series 2003-5 3 Distribution Account.

Surety Bond. If the Administrator determines on any Distribution Date that the sum of the amounts available from the Series 20032002-5 1 Accrued Interest Account plus PLUS the amount, if any, to be withdrawn from the Series 2002-1 Reserve Account pursuant to Section 2.3(d) above PLUS the amount, if any, to be drawn under the Series 20032002-5 1 Letters of Credit (and/or to be withdrawn from the Series 20032002-5 1 Cash Collateral Account Account) pursuant to Section Sections 2.3(c) above plus the amount, if any, to be withdrawn from the Series 2003-5 Reserve Account pursuant to Section 2.3(d) above is insufficient to pay the Series 20032002-5 1 Adjusted Monthly Interest for such Distribution Date, the Administrator shall instruct the Trustee in writing to make a demand on the Surety Bond and, upon receipt of such notice by the Trustee on or prior to 11:00 a.m. (New York City time) on such Distribution Date, the Trustee shall, by 12:00 noon (New York City time) on such Distribution Date, make a demand on the Surety Bond in an amount equal to such insufficiency in accordance with the terms thereof and shall cause the proceeds thereof to be deposited in the Series 20032002-5 1 Distribution Account.

Surety Bond. If the Administrator determines on any Distribution Date that the sum of the amounts available from the Series 2003-5 4 Accrued Interest Account plus PLUS the amount, if any, to be drawn under the Series 2003-5 4 Letters of Credit and/or to be withdrawn from the Series 2003-5 4 Cash Collateral Account pursuant to Section 2.3(c) above plus PLUS the amount, if any, to be withdrawn from the Series 2003-5 4 Reserve Account pursuant to Section 2.3(d) above is insufficient to pay the Series 2003-5 4 Adjusted Monthly Interest for such Distribution Date, the Administrator shall instruct the Trustee in writing to make a demand on the Surety Bond and, upon receipt of such notice by the Trustee on or prior to 11:00 a.m. (New York City time) on such Distribution Date, the Trustee shall, by 12:00 noon (New York City time) on such Distribution Date, make a demand on the Surety Bond in an amount equal to such insufficiency in accordance with the terms thereof and shall cause the proceeds thereof to be deposited in the Series 2003-5 4 Distribution Account.

Surety Bond. If the Administrator determines on any Distribution Date that the sum of the amounts available from the Series 20032005-5 2 Accrued Interest Account plus the amount, if any, to be drawn under the Series 20032005-5 2 Letters of Credit and/or to be withdrawn from the Series 20032005-5 2 Cash Collateral Account pursuant to Section 2.3(c) above plus the amount, if any, to be withdrawn from the Series 20032005-5 2 Reserve Account pursuant to Section 2.3(d) above is insufficient to pay the Series 20032005-5 2 Adjusted Monthly Interest for such Distribution Date, the Administrator shall instruct the Trustee in writing to make a demand on the Surety Bond and, upon receipt of such notice by the Trustee on or prior to 11:00 a.m. (New York City time) on such Distribution Date, the Trustee shall, by 12:00 noon (New York City time) on such Distribution Date, make a demand on the Surety Bond in an amount equal to such insufficiency in accordance with the terms thereof and shall cause the proceeds thereof to be deposited in the Series 20032005-5 2 Distribution Account.

Surety Bond. If the Administrator determines on any Distribution Date that the sum of the amounts available from the Series 20032005-5 1 Accrued Interest Account plus the amount, if any, to be drawn under the Series 20032005-5 1 Letters of Credit and/or to be withdrawn from the Series 20032005-5 1 Cash Collateral Account pursuant to Section 2.3(c) above plus the amount, if any, to be withdrawn from the Series 20032005-5 1 Reserve Account pursuant to Section 2.3(d) above is insufficient to pay the Series 20032005-5 1 Adjusted Monthly Interest for such Distribution Date, the Administrator shall instruct the Trustee in writing to make a demand on the Surety Bond and, upon receipt of such notice by the Trustee on or prior to 11:00 a.m. (New York City time) on such Distribution Date, the Trustee shall, by 12:00 noon (New York City time) on such Distribution Date, make a demand on the Surety Bond in an amount equal to such insufficiency in accordance with the terms thereof and shall cause the proceeds thereof to be deposited in the Series 20032005-5 1 Distribution Account.

Surety Bond. If the Administrator determines on any Distribution Date that the sum of the amounts available from the Series 2003-5 3 Accrued Interest Account plus the amount, if any, to be drawn under the Series 2003-5 3 Letters of Credit and/or to be withdrawn from the Series 2003-5 3 Cash Collateral Account pursuant to Section 2.3(c) above plus the amount, if any, to be withdrawn from the Series 2003-5 3 Reserve Account pursuant to Section 2.3(d) above is insufficient to pay the Series 2003-5 3 Adjusted Monthly Interest for such Distribution Date, the Administrator shall instruct the Trustee in writing to make a demand on the Surety Bond and, upon receipt of such notice by the Trustee on or prior to 11:00 a.m. (New York City time) on such Distribution Date, the Trustee shall, by 12:00 noon (New York City time) on such Distribution Date, make a demand on the Surety Bond in an amount equal to such insufficiency in accordance with the terms thereof and shall cause the proceeds thereof to be deposited in the Series 2003-5 3 Distribution Account.

Surety Bond. If the Administrator determines on any Distribution Date that the sum of the amounts available from the Series 20032007-5 2 Accrued Interest Account plus the amount, if any, to be drawn under the Series 20032007-5 2 Letters of Credit and/or to be withdrawn from the Series 20032007-5 2 Cash Collateral Account pursuant to Section 2.3(c) above plus the amount, if any, to be withdrawn from the Series 20032007-5 2 Reserve Account pursuant to Section 2.3(d) above is insufficient to pay the Series 20032007-5 2 Adjusted Monthly Interest for such Distribution Date, the Administrator shall instruct the Trustee in writing to make a demand on the Surety Bond and, upon receipt of such notice by the Trustee on or prior to 11:00 a.m. (New York City time) on such Distribution Date, the Trustee shall, by 12:00 noon (New York City time) on such Distribution Date, make a demand on the Surety Bond in an amount equal to such insufficiency in accordance with the terms thereof and shall cause the proceeds thereof to be deposited in the Series 20032007-5 2 Distribution Account.

Surety Bond. If the Administrator determines on any Distribution Date that the sum of the amounts available from the Series 20032005-5 4 Accrued Interest Account plus the amount, if any, to be drawn under the Series 20032005-5 4 Letters of Credit and/or to be withdrawn from the Series 20032005-5 4 Cash Collateral Account pursuant to Section 2.3(c) above plus the amount, if any, to be withdrawn from the Series 20032005-5 4 Reserve Account pursuant to Section 2.3(d) above is insufficient to pay the Series 20032005-5 4 Adjusted Monthly Interest for such Distribution Date, the Administrator shall instruct the Trustee in writing to make a demand on the Surety Bond and, upon receipt of such notice by the Trustee on or prior to 11:00 a.m. (New York City time) on such Distribution Date, the Trustee shall, by 12:00 noon (New York City time) on such Distribution Date, make a demand on the Surety Bond in an amount equal to such insufficiency in accordance with the terms thereof and shall cause the proceeds thereof to be deposited in the Series 20032005-5 4 Distribution Account.

Surety Bond. If the Administrator determines on any Distribution Date that the sum of the amounts available from the Series 20032006-5 1 Accrued Interest Account plus the amount, if any, to be drawn under the Series 20032006-5 1 Letters of Credit and/or to be withdrawn from the Series 20032006-5 1 Cash Collateral Account pursuant to Section 2.3(c) above plus the amount, if any, to be withdrawn from the Series 20032006-5 1 Reserve Account pursuant to Section 2.3(d) above is insufficient to pay the Series 20032006-5 1 Adjusted Monthly Interest for such Distribution Date, the Administrator shall instruct the Trustee in writing to make a demand on the Surety Bond and, upon receipt of such notice by the Trustee on or prior to 11:00 a.m. (New York City time) on such Distribution Date, the Trustee shall, by 12:00 noon (New York City time) on such Distribution Date, make a demand on the Surety Bond in an amount equal to such insufficiency in accordance with the terms thereof and shall cause the proceeds thereof to be deposited in the Series 20032006-5 1 Distribution Account.